Halliburton and Oil Search Limited a Strategic Alliance

SYDNEY, Australia - Oil Search Limited (ASX: OSH) and Halliburton have signed an agreement to renew a strategic alliance that was originally formed in 2004. The multimillion-dollar contract covers three years, with the option for two additional years. The agreement calls for Halliburton to provide a full range of subsurface services, including drilling and formation evaluation, slickline, fluids, cementing services and production enhancement in Papua New Guinea where Oil Search is the industry leader in oil and gas exploration and development.

Our objective is to build the type of relationship with Oil Search that will allow it to leverage Halliburton`s experience and capabilities to meet its exploration and development goals both in Papua New Guinea and globally, " said Joe Rainey, vice president of Halliburton`s Asia Pacific Region.

Phil Bainbridge, general manager of Oil Search, said: The alliance allows Oil Search to access technology and control our costs in a challenging environment and market conditions. We have been very pleased with Halliburton`s safety performance and service quality, which underpin this long term relationship. "

Much of this work is performed in logistically challenging areas like remote rainforests, requiring that equipment be lifted in by helicopter, " explained Mark Parsons, vice president of Halliburton`s Australasia Region. Safety and service quality have always been at the forefront of the alliance. "

Some of the Halliburton technology to be provided includes InSite AFR™ (Azimuthal Focused Resistivity) logging-while-drilling imaging sensors to aid positioning in the reservoir; the X-tended Range Micro Imager (XRMI™) tool for better structural reservoir definition; the Reservoir Description Tool (RDT™) system and MRILab® service to analyze and sample formation fluids; and the INSITE Anywhere® service for rapid and secure access to real-time well information via satellite.

Founded in 1919, Halliburton is one of the world`s largest providers of products and services to the energy industry. With nearly 50,000 employees in approximately 70 countries, the company serves the upstream oil and gas industry throughout the life cycle of the reservoir-from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production through the life of the field. Visit the company`s World Wide Web site at www.halliburton.com.

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